Oil prices maintained most of the gains recorded last Monday, as the repercussions of the war between Israel and Hamas continue to be contained, and Saudi Arabia pledges to help ensure market stability.

The price of West Texas Intermediate crude oil approached $86 per barrel in trading after oil renewed its rise due to the risks resulting from the war, on Monday, in the wake of the surprise attack launched by Hamas over the past weekend.

In a related context, Saudi Arabia affirmed its support for the efforts of the OPEC+ alliance aimed at achieving balance in the oil markets, and its support for everything that might help enhance the growth of the global economy, according to the country’s official news agency.

The oil market is under threat

So far, nearly 2,000 people have been killed, after Israel built a military base near the Gaza Strip, before launching a possible ground invasion into the coastal strip to confront Hamas. There are still risks that other countries in the Middle East - which contains about a third of the world's crude oil supplies - could be drawn into the battlefield.

China's refineries continue to buy Iranian oil despite the possibility of a ban

There may be a threat to oil supplies if any evidence emerges that Iran - which supports Hamas - is directly involved in the attack, including the risk of tightening the implementation of US sanctions on Iran’s crude oil exports, or Tehran blockading major shipping lanes, and may also launch attacks on... Ships.

For its part, Iran denied its involvement in the attack, and the White House did not confirm its involvement in it.

The risks of escalation between Israel and Palestine

The market now needs to estimate the risks that may arise from any escalation of the conflict, and its repercussions on countries that supply crude oil, such as Iran, said Gao Mingyu, senior energy analyst at SDIC Essence Futures, based in Beijing.

How is the global oil market affected by the conflict between Israel and Palestine?

Away from the arenas of this conflict, China is considering taking new measures to help its economy achieve the country's official growth target, which may boost demand in the largest oil importing country. A formal announcement of these measures could come this month, people familiar with the matter said.